EMTN 2018

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Instead of organizing a roadshow and visit the different investors in different countries, the Flemish Community decided  in consultation with our consortium of banks, to opt for a global investor call from Brussels on July 3th.

The day after the call, on July 4th , the Flemish Community went on the primary market. As almost all the underlying assets of the financing have a long depreciation period and since the long-term interest rates are historically low, Flanders decided to issue a long-term benchmark. They managed to issue a new 20 year benchmark of EUR 750 million with a coupon of 1.5% and a yield of 1.546%.

The split by geography and by investor are shown in the pie charts below.


bond 2038 split by geography
bond 2038 split by geography
bond 2038 split by investor type
bond 2038 split by investor type

Once again there was an important international interest in our issue. Investors from over 12 different countries invested in our bond.  The broad international interest is a reflection of Flanders financial credibility.

The geographical spread is more or less the same as last year. 21% of the investors came from the Benelux. Germany stays the largest  investor with 47%. The biggest change compared to previous benchmark issues is the rising interest from France. Last year around 7.6% investors came from France while this year it has increased to 20%. We see also for the first time a growing interest from Switzerland, Italy, Israel and Slovenia. A trend that hopefully will continue as this leads to a further diversification of the debt portfolio.

The charts also show the different kind of investor types. the insurance companies are best represented with 54.08% followed by the fund managers with 30.92%.

Below you can find the global Investor call presentation of the Flemish Community of July 3th.